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11 Mar 2015
NZD/USD consolidates around 0.7240, RBNZ in focus
FXStreet (Mumbai) - NZD/USD steadies in the early European morning, moving away slightly from monthly lows as a strong dollar and expectations of a rate cut at RBNZ meeting continues to hurt the Kiwi.
NZD/USD stuck at 0.7240
Currently, the NZD/USD pair trades -0.40% lower at 0.7244, having previously posted fresh five week lows at 0.7231 levels. NZD/USD remains in red as the strength in the US dollar continues to hit the New Zealand dollar. Further, expectations for a Reserve Bank of New Zealand (RBNZ) rate cut keeps the Kiwi weaker.
NZD/USD hit fresh monthly lows after news crossed the wires that milk formula exporters reported some orders have been reduced or halted, after New Zealand Infant Formula Exporters Association (NZIFEA) stated that the threat is potentially disastrous for exporters, although no exports have been banned so far.
Meanwhile, traders now shift their attention towards tomorrow morning’s RBNZ meeting with the central bank likely to keep rates on hold following footsteps of its Australian counterpart.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7300 levels and above which it could extend gains to 0.7349 (Jan 29 High) levels. To the downside immediate support might be located at 0.7200 levels below that at 0.7174 (Feb 3 Low) levels
NZD/USD stuck at 0.7240
Currently, the NZD/USD pair trades -0.40% lower at 0.7244, having previously posted fresh five week lows at 0.7231 levels. NZD/USD remains in red as the strength in the US dollar continues to hit the New Zealand dollar. Further, expectations for a Reserve Bank of New Zealand (RBNZ) rate cut keeps the Kiwi weaker.
NZD/USD hit fresh monthly lows after news crossed the wires that milk formula exporters reported some orders have been reduced or halted, after New Zealand Infant Formula Exporters Association (NZIFEA) stated that the threat is potentially disastrous for exporters, although no exports have been banned so far.
Meanwhile, traders now shift their attention towards tomorrow morning’s RBNZ meeting with the central bank likely to keep rates on hold following footsteps of its Australian counterpart.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7300 levels and above which it could extend gains to 0.7349 (Jan 29 High) levels. To the downside immediate support might be located at 0.7200 levels below that at 0.7174 (Feb 3 Low) levels